As the holidays quickly approach, the time for purchasing gifts for friends and family has arrived.
However, holiday shopping can often be stressful and expensive if you don’t know your stuff. Students from the Robert H. Smith School of Business weigh in on possible shopping strategies.
“Look for better sales online,” said senior finance and information systems major Arushi Bhalla. Bhalla does not celebrate any holidays in December, but advises that holiday shoppers should look for good deals and bargains on websites like Groupon Goods to save money.
However, not everything can be purchased over the computer. Sophomore economics major Richa Saksena recommends buying gifts as early as possible.
“Don’t wait until the last minute because that’s when [stores] raise all their prices,” she said.
Saksena also discussed the misconceptions about holiday shopping events like Black Friday and Cyber Monday, explaining that most of the deals are not offered during these heavily publicized days.
Decide.com, a Seattle shopping data website, supports Saksena’s claims through a study of the 2010 and 2011 holiday shopping seasons. The website found that cameras, televisions, and luxury items are best purchased before Black Friday, while appliances and laptops have better deals the week before Christmas. Only video games and home fitness equipment offer the best bargains on Black Friday.
The best advice, however, is just to be a logical consumer. With online deals and smartphones, it is easier to compare prices than ever before, so there is no excuse for overspending this holiday season.
“Just get out there early to get the best deals to save money,” said sophomore finance major Sam Bronstein. “It’s as simple as that.”